2007 | 2006 | 2005

'Free' credit reports sometimes aren't free
USA Today | Wednesday, November 28, 2007
Misleading credit scores aren't the only snare. Consumers are also getting tricked into paying for basic credit reports before obtaining the ones they can get free, as mandated by the federal government in 2003. The only place those free reports are available is at AnnualCreditReport.com, run jointly by the Big Three (Experian, TransUnion and Equifax).

Yet, dozens of websites affiliated with the bureaus falsely imply that they can also distribute the government-mandated free reports. At FreeCreditReport.com, ConsumerInfo.com, PrivacyMatters.com, Free3BureauCreditReport.com and other similarly named websites, free trial offers and package deals abound. The most ubiquitous: pitches for free credit reports and free credit scores if you subscribe to a "credit monitoring" service that alerts you each time a lender checks your credit history, says Robert Mayer, a University of Utah professor who has analyzed two dozen such sites for Consumer Reports WebWatch. "The word 'free' is used so freely that it really has no meaning in the context of these types of sites," Mayer says. ...[continued]
Labels: consumer news, credit

Price tag of mass foreclosures: $223 billion
MSNBC.com [AP] | Tuesday, November 13, 2007
WASHINGTON | An expected surge in home foreclosures will cause U.S. property values to sink by $223 billion, with the most severe impact in minority communities, a new report says. ...[continued]
Labels: consumer news, homeownership

How big a ‘nest egg’ do you need to retire?
MSNBC.com | Monday, November 05, 2007
For millions of Americans, retirement planning is all about accumulating a “nest egg” of savings and investments to generate enough income to pay for a comfortable standard of living after they stop working. The quality of life in your golden years, this line of thinking goes, is determined almost solely by how well you’ve estimated the size of the nest egg you need and how close you get to accumulating it. ...[continued]
Labels: consumer news, retirement

Mayors Help Citizens Learn Importance of Savings: Cities Mark Dollar Wi$e Week 2007 with Community Events, Press Releases, Local Organizations
U.S. Mayor | Monday, October 22, 2007
Mayors across the country emphasized the importance of savings and wise personal financial management by recognizing Dollar Wi$e Week 2007, September 24-29. Cities marked the week through mayoral proclamations, press releases, seminars, workshops, and other public outreach efforts, and through a variety of community events. Many mayors built strong local partnerships with community organizations to organize and promote their Dollar Wi$e efforts. ...[continued]
Labels: U.S. Mayor articles, Dollar Wi$e Week, local campaigns

911 for homeowners in trouble: If you’re struggling to hold on to your home, there are people ready to help
MSNBC.com | Wednesday, October 17, 2007
The numbers reveal plenty of reason for concern: Foreclosure filings are expected to exceed two million this year. In the month of August alone, one of every 510 U.S. families began the foreclosure process, according to RealtyTrac, which follows mortgage defaults across the country. That’s a 115 percent increase from the month before. If you’re among the millions struggling to hold on to your home, there are many people ready to help you. ...[continued]
Labels: consumer news, homeownership

Payday Loans Can Be a Trap
Newsweek | Monday, October 08, 2007
Why do you think that people get stuck in mortgages they can't afford and payday loans that multiply their debt? I'll give you a clue. They don't wake up one morning and say, "I think I'll get myself into financial trouble." They're often lured into these loans by salespeople who know better but whose living depends on pretending not to know. ...[continued]
Labels: consumer news

Ripple effect of student loans: Economy could be hurt as grads carry more debt and spend less
The Charlotte Observer [AP] | Monday, October 01, 2007
The near doubling in the cost of a college degree the past decade has produced an explosion in high-priced student loans that could haunt the U.S. economy for years.

While scholarship, grant money and government-backed student loans -- whose interest rates are capped -- have taken up some of the slack, many families and individual students have turned to private loans, which carry fees and interest rates that are often variable and up to 20 percent. ...[continued]
Labels: consumer news

SAVANNAH, GA
City of Savannah Starts "DollarWise" Campaign
WTOC-TV | Friday, September 28, 2007
The City of Savannah wants you to be more dollar wise. Today, Mayor Otis Johnson proclaimed this "National Dollar Wise Week," urging families to save money for their future and their children. ...[continued]
Labels: local campaigns, Dollar Wi$e Week

QUAD CITIES, ILLINOIS-IOWA
Official: Q-C is `model' for financial literacy
Quad-Cities Dispatch | Friday, September 28, 2007
The Quad-Cities is a model city nationally when it comes to improving residents' financial health, a U.S. Conference of Mayors official told local leaders Thursday. ...[continued]
Labels: local campaigns, Dollar Wi$e Week

S.L. County poised to rein in payday lenders
The Salt Lake Tribune | Thursday, September 27, 2007
Salt Lake County may put a pinch on the proliferation of payday-loan stores.

Officials are considering a six-month ban on new payday lenders in unincorporated Salt Lake County, hoping to buy enough time to bridle what council members consider a morally questionable business. ...[continued]
Labels: consumer news

SAVANNAH, GA
Saving your way out of poverty
Savannah Morning News | Thursday, September 27, 2007
Savannah Mayor Otis Johnson returned home this week.

The retired Savannah State University professor is lecturing the city's young to save for their futures.

"Everyone believes they can be a rapper or an athlete because they see these folk with big dollars," Johnson told an invitation-only dinner group Tuesday night.

That is a long shot, he said. ...[continued]
Labels: local campaigns, Dollar Wi$e Week

SAVANNAH, GA
Credit Woes
WSAV-TV | Thursday, September 27, 2007
With national spending at a high and savings going toward a low, the city of Savannah has been spending this week emphasizing financial education to its neighbors. Jackie Odgen with the Dollar Wise campaign says, "We really want Savannahians to take a message of begin to start a savings plan if they have not." ...[continued]
Labels: local campaigns, Dollar Wi$e Week

NORTH CHICAGO, IL
Mayor Leon Rockingham, Jr. Promotes the Mayor’s National Dollar Wi$e Campaign in North Chicago
City of North Chicago [press release] | Monday, September 24, 2007
Mayors across the country begin to celebrate Dallar Wi$e Week today to promote the Mayor’s National Dollar Wi$e Campaign: Financial Education for America. The theme of this year’s Dollar Wi$e Week, which takes place September 24th – 27th, is “Savings for Kids and Families.” Mayor Rockingham emphasized the importance of this theme: “Savings are an important building block of the foundation of the American Dream.” ...[continued]
Labels: local campaigns, Dollar Wi$e Week

Mayor kicks off Dollarwi$e campaign
Access Louisville | Monday, September 24, 2007
[ VIDEO ] Louisville, KY (September 24, 2007) - Mayor Jerry Abramson kicked off the DollarWi$e campaign at Louisville’s Asset Building Summit, and ... all » the Corporation for Enterprise Development unveiled its “National Scorecard” comparing Kentucky nationally in categories such as financial security, homeownership, health care and education. ...[continued]
Labels: local campaigns, Dollar Wi$e Week 2007

SAVANNAH, GA
Students Learn the Value of Saving
WTOC-TV | Monday, September 24, 2007
When you were kid and received any money, the first thing you usually did is go out and spend it. Well today as part of Dollar Wise Week, students at Butler Elementary School learned the value of money. Speakers talked to them about spending a little, giving a little and saving a little. ...[continued]
Labels: local campaigns, Dollar Wi$e Week

TRENTON, NJ
GEA Coalition, Mayor Palmer Promote Building of Assets and Encourage Savings by Youth
City of Trenton [press release] | Monday, September 24, 2007
Asset Building Coalition to Launch 2007-2008 Campaign for Family Financial Literacy and Savings
Mayor Douglas H. Palmer today proclaimed this week “Dollar Wi$e Week” in Trenton and thanked the Greater Trenton Asset Building Coalition for renewing its community outreach campaign for savings and education about credit, mortgages, and homeownership.

“This Coalition has brought together a strong network of organizations and institutions and is creating new ways to provide residents with the knowledge they need to improve their financial situation,” Mayor Palmer said. “The goal of helping people understand and improve their credit rating is directly tied to the expansion of homeownership opportunities for working families in Trenton. This is a continuing drive to help people become dollar wise.” ...[continued]
Labels: local campaigns, Dollar Wi$e Week 2007

ALEXANDRIA, VA
City of Alexandria Sponsors Free Financial Information Fair
City of Alexandria [press release] | Thursday, September 20, 2007
The City of Alexandria and Mayor William D. Euille, in cooperation with the U.S. Conference of Mayors’ National Dollar Wi$e Campaign, invites residents to attend a free Financial Information Fair on Tuesday, September 25, from 4 to 8 p.m., to learn more about money management, financial planning, and the importance of financial literacy. ...[continued]
Labels: local campaigns, Dollar Wi$e Week

U.S. moves to stem rate of foreclosures
The Christian Science Monitor | Thursday, September 20, 2007
Steps by Congress and the Fed will ease the problem, but not cure it, experts say. ...[continued]
Labels: consumer news, homeownership, FHA reform

NORTH MIAMI, FL
North Miami Public Library Kicks Off Statewide Investor Education Initiative
City of North Miami [press release] | Wednesday, September 19, 2007
Several prominent non-profit organizations team up with the City of North Miami Mayor's National Dollar Wi$e Campaign to help citizens towards financial security. ...[continued]
Labels: local campaigns, Dollar Wi$e Week

SAVANNAH, GA
City Celebrating National Dollar Wise Week
City of Savannah [press release] | Wednesday, September 19, 2007
Mayor Otis Johnson has announced a week full of local activities Sept. 24-29 intended to promote financial responsibility as part of National Dollar Wise Week: Financial Education for America. The theme of this year’s campaign is “Saving for Children and Families.” ...[continued]
Labels: local campaigns, Dollar Wi$e Week

LEWISTON, ME
Lewiston Mayor & Local Credit Unions Partner for Dollar Wise Activities
City of Lewiston [press release] | Tuesday, September 18, 2007
Mayor Laurent F. Gilbert, Sr., and three local credit unions will be promoting the week of September 24th as Dollar Wise Week, advocating the 2007 National Dollar Wise theme of "Savings for Kids and Families." ...[continued]
Labels: local campaigns, Dollar Wi$e Week

LOUISVILLE, KY
Mayor Urges Citizens to Become ‘DollarWi$e’
City of Louisville [press release] | Tuesday, September 18, 2007
Mayor Jerry Abramson today announced a series of public events designed to teach and motivate Louisville residents to spend, save and invest money more wisely.

Louisville’s “DollarWi$e” campaign begins Monday, Sept. 24 and features programs on money-saving or asset-building throughout the week, culminating in a free family festival at the Belvedere on Saturday, Sept. 29.

“Financially stable families make for a more stable community,” Abramson said. “Everyone can learn to be dollar-wise and chart a course for financial self-sufficiency.” ...[continued]
Labels: local campaigns, Dollar Wi$e Week

MIAMI-DADE COUNTY, FL
Mayor Carlos Alvarez promotes the United States Conference of Mayors’ 2007 national Dollar Wi$e campaign
Miami-Dade County [press release] | Monday, September 17, 2007
Miami-Dade County Mayor Carlos Alvarez will join mayors across the country to celebrate Dollar Wi$e Week from September 24-29, 2007. During Dollar Wi$e Week, Mayor Alvarez will work with local banks to inform families about the importance of saving money and making wise financial choices. Those without bank accounts will also be invited to begin saving money and making wise financial choices. ...[continued]
Labels: local campaigns, Dollar Wi$e Week

SAVANNAH, GA
City to screen "Maxed Out"
Connect Savannah | Monday, September 17, 2007
An independent documentary that takes a hard look at the nation’s credit card industry, particularly the notion that there’s always more credit, will be presented Thursday, Sept. 27 at 7:30 p.m. at the Lucas Theatre. The humorous and frightening film takes on how credit cards are marketed, and how consumers get buried in debt. The film reminds us, “nothing is priceless.” The screening is sponsored by the City of Savannah and Step Up Savannah’s Poverty Reduction Initiative, as part of the 2007 National Mayors’ Dollar Wise Week. ...[continued]
Labels: local campaigns, Dollar Wi$e Week 2007

Special Web Section Unveiled for Homeowners Who Lose Homes; Foreclosure Tax Relief Available to Many
Internal Revenue Service [press release] | Monday, September 17, 2007
The Internal Revenue Service unveiled a special new section today on IRS.gov for people who have lost their homes due to foreclosure. The IRS also reassured homeowners that, although mortgage workouts and foreclosures can have tax consequences, special relief provisions can often reduce or eliminate the tax bite for financially strapped borrowers who lose their homes. ...[continued]
Labels: consumer news

Steps in right direction: Regulators advice welcome in home foreclosure mess
The Charlotte Observer | Monday, September 10, 2007
More help could be on the way to borrowers facing home mortgage defaults. The Federal Reserve and other banking regulators have urged loan service companies to help borrowers facing defaults and they've given specific guidance on how to do so. ...[continued]
Labels: consumer news, homeownership

Revitalizing the FHA
The Washington Post | Saturday, September 08, 2007
One of the New Deal's enduring innovations is the Federal Housing Administration, the mortgage-guarantee agency established in 1934. The FHA has insured more than 34 million home loans over the past 73 years. FHA-insured loans are, in turn, packaged and sold as securities that are backed by the Government National Mortgage Association. This arrangement has encouraged financial institutions to lend to low- and moderate-income households that do not qualify for "prime" mortgages but that can meet the FHA's less-stringent borrowing requirements. The FHA is one reason that America's homeownership rate grew from 40 percent of households at the time of the agency's inception to 68 percent today. ...[continued]
Labels: consumer news, homeownership, FHA reform

Savings rate still not good enough
Baltimore Sun | Tuesday, September 04, 2007
Hey, America, we're not the slacker savers we thought. A while back, the government reported that for the first time since the Great Depression our personal savings rate went negative in 2005, meaning we spent more than we took home. And we did worse in 2006. But those figures were recently revised. It turns out we squeaked out positive savings rates of 0.5 percent in 2005 and 0.4 percent last year. That's nothing to brag about, of course. Basically, we saved a half-penny for every dollar we took home. We need to save more. ...[continued]
Labels: consumer news, savings

The Debt Generation
AM New York | Monday, August 27, 2007
A two-part series looking at the financial pressures on a new generation of workers. ...[continued]
Labels: consumer news

School Inc.: College and Your Finances
An MSNBC.com special series
MSNBC.com | Monday, August 27, 2007
A special series of articles on financing a college education and its impact on your family and your wallet. ...[continued]
Labels: consumer news, college finances

Freshman finance: Tips on managing your money
NBC News: Today Show | Friday, August 17, 2007
If your teen is heading off to college for the first time this fall, by now you're probably acutely aware of what the next four years are going to cost — but are they? So whether you're a student about to start college (or a parent about to start trying to pay for it), TODAY's Financial editor Jean Chatzky wants to answers your questions and offer advice....[continued]
Labels: consumer news, college finances

Student loans still pose plenty of pitfalls
MSNBC | Tuesday, August 14, 2007
With college students soon returning to school and tuition bills due, this is crunch time for parents and students struggling to figure out how to pay for it all. And these days, widespread reports of abusive practices by student lenders and schools — putting their financial interests ahead of student borrowers — have left many families wondering how to get reliable information about one of the mainstays of college financing....[continued]
Labels: consumer news, college finances

Americans turn net savers again thanks to Commerce Department adjustments
Forbes.com | Thursday, August 09, 2007
After years of notoriously spending more than they earn, Americans are suddenly, for the first time in more than two years, net savers again. The change is the result of new data incorporated into the Commerce Department's Bureau of Economic Analysis (BEA) estimate of personal savings. ...[continued]
Labels: consumer news, savings

US savings picture brightens a little
The Christian Science Monitor | Thursday, August 02, 2007
America still has debt problems, but as of this week the phrase "negative savings rate" no longer applies to the nation's household habits. Through June of this year, US citizens have socked away $164 billion. Moreover, in releasing its annual revision of prior-year data, the Commerce Department now says that Americans earned more income than they spent in 2005 and 2006 – a reversal of prior tallies showing a negative savings rate for those years. ...[continued]
Labels: consumer news, savings

Costly 'free' credit reports are everywhere
MSNBC.com | Tuesday, July 24, 2007
After nearly a decade of bickering, Congress in 2003 finally granted every American the right to a free peek at their credit report each year. Now dozens of Web sites – many of them either owned by or affiliated with the major credit bureaus -- are hard at work tricking people into paying for that free report. ...[continued]
Labels: consumer news, credit

Simple ways to raise your credit score
The Christian Science Monitor | Monday, July 02, 2007
For house hunters aiming to take advantage of today's soft real estate markets, one mysterious number is becoming increasingly fateful – and it's not the seller's asking price. A credit score, calculated to tell companies whether a consumer is likely to pay bills on time, is taking on more significance in an era of mounting defaults and foreclosures. On a scale of 350 to 850, scores in the 500s were good enough to secure a mortgage just last year. But now, any score below 600 is almost always a deal breaker, according to Jay Brinkmann, vice president of research and economics at the Mortgage Bankers Association, a national trade group for lenders. ...[continued]
Labels: consumer news, credit

QUAD CITIES, ILLINOIS-IOWA
Rock Island task force evolves into Q-C-wide resource
Quad City Times: Rock Island News | Saturday, June 09, 2007
What grew out of a group designed to bring neighborhoods together in Rock Island has evolved into an organization that benefits the entire Quad-City area. The path from Neighborhood Partners to the Q-C Dollarwi$e program has brought together citizens from across the Quad-Cities. ...[continued]
Labels: local campaigns

DETROIT, MICHIGAN
Homeownership workshop June 2
Michigan Chronicle/Front Page | Wednesday, May 23, 2007
Mayor Kwame M. Kilpatrick has partnered with the Detroit Home Ownership Preservation Enterprise (Detroit HOPE) to provide important financial information for current homeowners and future homebuyers during the Detroit Homeownership Education Workshop on Saturday, June 2....[continued]
Labels: local campaigns

Not saving? Strategies to help you start
The Christian Science Monitor | Monday, March 05, 2007
When millions of Americans struggle to save any money from month to month, as research suggests they consistently do, the first step to a solution is not for them to make a realistic budget. That's according to Daniel Wishnasky, a financial planner in Phoenix who says many frustrated, would-be savers have overlooked a more basic step. They first need to lay a solid foundation by examining entrenched spending patterns and the powerful, deep-rooted emotions behind them. ...[continued]
Labels: consumer news, savings

BOWLING GREEN, KENTUCKY
BG mayor brings back fresh ideas
Bowling Green Daily News | Tuesday, February 06, 2007
Mayor Elaine Walker, recently returned from the U.S. Conference of Mayors in Washington D.C., held a short briefing this morning at City Hall to share what she learned there. ...[continued]
Labels: local campaigns

USCM awards $55,000 in Dollar Wi$e grants
American City & County | Friday, January 26, 2007
The Washington-based U.S. Conference of Mayors (USCM) has announced the winners of $55,000 in grants as part of its National Dollar Wi$e Campaign. The grants will go to city programs that teach residents money management skills....[continued]
Labels: capacity grants

InCharge Education Foundation Brings Financial Education Tools to Fort Bend Schools Through Sugar Land Mayor’s Dollar Wi$e Campaign
Lexdon Business Library | Wednesday, January 10, 2007
ORLANDO, Fla., Dec. 19 -InCharge(R) Education Foundation, a national nonprofit organization specializing in personal finance education and research, has teamed up with Sugar Land Mayor David Wallace and the Fort Bend Independent School District to enhance personal financial education among their students through the nationally recognized DollarWi$e Campaign -- an initiative launched by the US Conference of Mayors to encourage the development of ongoing local financial literacy strategies. InCharge will provide each participating class in the Fort Bend Independent School District (FBISD) with free copies of their bimonthly YOUNG MONEY magazine, (http://www.youngmoney.com), which offers content that coincides with the educational goals of the DollarWi$e campaign for personal financial literacy. Students in FBISD Economics classes will also participate in YOUNG MONEY's online game/study aide, "Grab Todd's Cash", where they will compete in a nine- week game to determine who can accumulate the most "cash" while learning more about personal finance. ...[continued]
Labels: local campaigns